5. You are considering two loans. The terms of the two loans are equivalent with the exception of the interest rates. Loan A offers a rate of 7.75%, compounded daily. Loan B offers a rate of 8%, compounded semi-annually. Which loan should you select?
(A) A; the effective annual rate is 8.06%
(B) A; the annual percentage rate is 7.75%
(C) B; the effective annual rate is 8.16%
(D) B; the annual percentage rate is 7.68%

6. Springboro Tech is a young start-up company. No dividends will be paid on the stock over the next 15 years, because the firm needs to plow back its earnings to fuel growth. The company will pay a $15 per share dividend in 16 years and will increase the dividend by 4 percent per year thereafter. What is the current share price if the required return on this stock is 8 percent? (A) $118.22 (B) $119.19 (C) $120.00 (D) $164.59

7. Which one of the following statements is correct in relation to independent projects? (A) The internal rate of return cannot be used to determine the acceptability of a project that has financing type cash flows. (B) A project with investing type cash flows is acceptable if its internal rate of return exceeds the required return. (C) A project with financing type cash flows is acceptable if its internal rate of return exceeds the required return. (D) Projects with financing type cash flows are acceptable only when the internal rate of return is negative.

8. Given the following, which feature identifies the most desirable level of output for a project? (A) operating cash flow equal to the depreciation expense (B) payback period equal to the project's life (C) discounted payback period equal to the project's life (D) zero IRR

9. A stock had returns of 12%, 16%, 10%, 19%, 15%, and -6% over the last six years. What is the geometric average return on the stock for this period? (A)10.90% (B)10.68% (C)13.56% (D)14.76%

10. First Century Bank wants to earn an effective annual return on its consumer loans of 10 percent per year. The bank uses daily compounding on its loans. By law, what interest rate is the bank required to report to potential borrowers? (A) 9.38% (B) 9.53% (C) 9.72% (D) 10.00%

11. A Treasury bond is quoted at a price of 101:14 with a current yield of 7.236 percent. What is the coupon rate? (A) 7.20 percent (B) 7.28 percent (C) 7.30 percent (D) 7.34 percent

12. The variance of stock X’s return is 16%, the variance of market return is 6.25%, the correlation coefficient of return on stock X and market is 0.6, and according to CAPM, the beta of stock X is: (A) 0.88 (B) 0.96 (C) 1.0 (D) 1.2 共 3 頁，第 1 頁 Questions (13) ~ (16) Suppose that in the coming year, you expect Exxon-Mobil stock to have a volatility of 42% and a beta of 0.9, and Merck's stock to have a volatility of 24% and a beta of 1.1. The risk free interest rate is 4% and the market's expected return is 12%.

13. Which stock has the highest total risk? (A) Merck since it has a lower volatility (B) Merck since it has a higher Beta (C) Exxon-Mobil since it has a higher volatility (D) Exxon-Mobil since it has a lower beta

14. Which stock has the highest systematic risk? (A) Merck since it has a higher Beta (B) Exxon-Mobil since it has a lower beta (C) Exxon-Mobil since it has a higher volatility (D) Merck since it has a lower volatility

15. The optimal portfolio selection under the equilibrium of capital market is (A) The tangent point of the indifference curve and the efficient frontier (B) The tangent point of the CML and the indifference curve (C) The tangent point of the CML and the original efficient frontier (D) None of the above

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